OREANDA-NEWS. March 26, 2008. IBS, Russia’s leading player in the IT and consulting market, has completed implementation of Borlas Insurance software product for Renaissance Life, the insurance company. The system provided for a companywide automation of operating and financial functions across Russia.

"Our company is growing very fast, with its sales having shown a manifold increase over the first half of 2007, and the number of sales offices having topped 50. This vibrant growth has substantially increased the load on the system supporting our operations and thus required new IT solutions," explained Oleg Kiselev, CEO of Renaissance Life.

Borlas Consulting Group (which subsequently became part of IBS) with its Borlas Insurance solution for insurance business automation was selected as the project contractor based on the results of an open bidding process for the new insurance system. The new system was implemented during the year by Renaissance Life and IBS professionals and is in industrial operation now. Borlas Insurance, a comprehensive system for insurance business automation, was successfully implemented for a company specializing in life assurance. This involved implementation of life-assurance specific units within the system, such as the product line, the agent fee system, medical and financial underwriting, claims settlement, etc. The system constitutes the state-of-the-art software that can be used by life assurance market players and meets international business and reporting standards as well as Russia-specific requirements.

In this project Borlas Insurance functionality includes contract administration, claims settlement, agent payments (including fee accounting under different incentive schemes), payments control and cash accounting under the RAS and the IFRS, reinsurance, calculation of actuarial reserves, and generation of operating, analytical, management and statistical reports.

Integration of the Borlas Insurance system with the Microsoft Dynamics NAV financial system and the 1C: Payroll and Human Resources system provides for a comprehensive financial, sales, customer relationship and counterparty relationship management.

The Borlas Insurance system has scalability and a technology platform designed to support sustained growth of customer base (Renaissance Life enters into thousands of new insurance contracts every month).

The Borlas Insurance system is currently used on a regular basis by over 300 users across Russia, from Khabarovsk to Kaliningrad.

"The new system can ensure that the work of the operations administration unit remains uninterrupted regardless of the amount of input data," said Igor Yaschenko, COO of Renaissance Life, "Transparency of all procedures and a marked time reduction at each of the business process stages should lead to a quality leap in customer relationship management. The successful project completion brings about a shorter, cheaper and higher-quality business process, which translates into better financial results for the company".

Renaissance Life plans to have the solution rolled out in the Ukraine.